The Theory of Comparative Advantage

question 41

Multiple Choice

The theory of comparative advantage

• A)claims that economic well-being is enhanced if each country's citizens produce only a single product.
• B)claims that economic well-being is enhanced when all countries compare commodity prices after adjusting for exchange rate differences in order to standardize the prices charged all countries.
• C)claims that economic well-being is enhanced if each country's citizens produce that which they have a comparative advantage in producing relative to the citizens of other countries,and then trade production.
• D)claims that no country has an absolute advantage over another country in the production of any good or service.

Recognize the importance of persuasion and cooperation in team dynamics.

Understand the concept of social loafing and its impact on team performance.

Identify key roles managers play in supporting team and teamwork.

Grasp the essential team skills required to avoid disruption and enhance performance.

---

Definitions:

Situation

A set of circumstances or the state of affairs at a particular time or in a particular place.

Interest and Desire

The feeling of wanting to know or learn about something, combined with a wish or inclination to obtain or achieve it.

Motivation

The process that initiates, guides, and maintains goal-oriented behaviors.

Employees

Individuals who are hired by businesses or other organizations to perform work in exchange for compensation.